PGA Parkway's Luxury Apartment Boom: What's Behind the Momentum?

Despite the current challenges in the capital markets and rising interest rates, the third and fourth phases of The Links on PGA Parkway luxury apartments are moving forward. The boutique real estate developer Carbon Cos., founded in 1988, and Greenway Investment Co. have completed the first 690 dwelling units at the community on Paramount Way, near the intersection of PGA Parkway and the Dallas North Tollway. The first two phases of the project have leased up "robustly," according to Ed Garahan, Carbon Cos.' chief executive officer. This success has given the developer the confidence to break ground on 620 further units between the two new phases in the fourth quarter of this year. But what's driving this momentum? Is it the area's growing popularity, the influx of new developments, or something else entirely? The Links project was the "first one out of the box" in the area, and the inertia in the corridor has continued to build accordingly. The area has welcomed the PGA of America headquarters, the Omni PGA Frisco Resort, and the news of a forthcoming Universal Kids Resort, as well as the extension of the Dallas North Tollway. Additionally, the 180-acre Fields West development is underway, bringing 350,000 square feet of retail, restaurant, and entertainment space, 1,200 dwellings, and 325,000 square feet of office space to the area. But what does this mean for the future of the area? Will the increased density and below-grade parking of the new phases lead to a more vibrant and walkable community? Or will it contribute to traffic congestion and parking challenges? And what about the amenities offered by the new phases, such as clubhouses, fitness centers, roof terraces, and pools? Will they be enough to attract and retain residents in the area? The estimated construction cost for the phase three and four efforts is around $96.9 million, with GSR Andrade Architects leading the design. Existing units at The Links range from one to three bedrooms. But what about the impact of the new senior-living initiative by Carbon Cos. and Shepherd Development, Woodland Cottages, which is building in places such as Fredericksburg, Belton, and College Station? Will this new initiative attract a different type of resident to the area?

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